Saudi Arabia aims to secure about $55 billion out of this privatization plan, of which $16.5 billion in the form of public-private partnerships, Minister of Finance Muhammad Al-Jadaan said on Thursday.
Al-Jadaan the remarks during the high-level “G20 Infrastructure Investors Dialogue: Financing Sustainable Infrastructure for the Recovery” event which was attended by G20 finance ministers, international and regional organizations, and major investors and asset managers representing the private sector.
Al-Jadaan pointed out that the Kingdom has recently announced a privatization plan that includes a pipeline of 160 projects across 16 sectors, including asset sales and public-private partnerships.
“We are looking to foster stronger partnership with the private sector on the management and financing of health infrastructure and services, as well as city transportation networks, school buildings, airport services, and water desalination and sewage treatment plants through these partnerships to create a better, more cost-effective, and efficient delivery, reducing material and energy usage for a better plane,” he said.
Minister of Finance emphasized that Infrastructure plays a significant role in boosting economic activities and fundamentally underpins productivity, providing a solid basis for strong, balanced, sustainable and inclusive growth.
He pointed out that securing financing for sustainable development and quality infrastructure are ongoing concerns for the G20 and that the persistent infrastructure financing gap calls for swift actions in this area.
Al-Jadaan noted that one of the most important initiatives that the G20 undertook during the Saudi G20 Presidency last year was the “G20/OECD Report on the Collaboration with Institutional Investors and Asset Managers on Infrastructure.” The G20 leaders, finance ministers, and central bank governors welcomed the report.
This event comes as a continuation of the G20’s efforts and the leading role of that Saudi Arabia during its G20 Presidency in 2020. The Dialogue with investors, this year, aims to capitalize on the positive results that the G20 achieved last year through numerous events, including the G20 Infrastructure Investment Symposium in Riyadh in December 2019. Moreover, this event signals that the current G20 Presidency, the Italian G20 Presidency, is maintaining and adopting these efforts.
It is worth noting that Saudi Arabia is a member of the G20 Troika and that the Kingdom is keen to support the G20’s efforts to achieve strong, balanced, sustainable, and inclusive economic growth.
Moreover, Saudi Arabia supports the efforts aiming to bolster the cooperation between the public and private sectors in infrastructure investment.